What are the hardest things about starting a new business?

Question

I'm especially interested in hearing about experiences from people who started an online business.

Answer 1

Business registration is a breeze. Online businesses are not required to be licensed. All you have to do is to spend an afternoon in your county courthouse and prepare all your documentation. Or hire a lawyer if you want a more complicated legal structure such as LLC or corporation

What's more difficult for an online business are:

1. Creating a website that will convey what you want to show across yet remaining aesthetically attractive and highly usable

2. Finding and searching for the applications and software you need to make business processes easier and meets your requirements

3. Getting traffic. Without traffic, no one will buy your products. Or if you are earning via advertising, no one will see your banners or click on your ads. You can have a website that no one absolutely visits, and it is not easy getting -- and maintaining traffic. Even the search engines take time to include your site in their database and rank you well.

4. More importantly -- Earning money from it. It is not easy to make money online with a Web business. Some are lucky and earn almost immediately, but many cannot seem to find how and what to do to earn money.

5. Advertising and marketing expenses -- chances are you will have to spend money to get traffic. You can do pay per click or issue press releases.

Answer 2

I can't speak about an "online business", but the hardest thing(s) for me were coming up with the starting capital, then turning enough of a profit to last the first couple of years.
Promoting my business was the element I underestimated. Fortunately I realized before I went completely under just how important promotions are and I invested into having a small marketing firm do some simple projects from which I learned and eventually took over the duties myself.
Another thing that I learned after the fact was to develop a good solid business plan. Had I know that one thing beforehand I would probably have been able to get financing from the bank or a lender for my startup capital. As it turned out I was lucky all the way around because, I borrowed the money from myself, (home equity) and it has paid-off, and now I don't owe anyone, but those first two or three years could have been less stressful if I would have had better funding.
I recommend you contact the Small Business Administration representative in your area, look in the phone book or Google "Small Business Administration". Make an appointment and go talk with the rep, have all your questions written down and don't leave out anything. It's free and they also offer seminars and workshops that are designed to get you started on the right path.
Some of the seminars have a minimal fee but they are very much worth it.
Good luck.

Answer 3

I'd say financing is the hardest thing about starting a new business. I'm working on launching an eCommerce site. The start-up legal costs for my business model are a challenge but not impossible.

Start-up costs can be daunting to anyone wanting to start a business. Not only do you need to spend your own money, but you may also need to borrow some and pay it back with interest. Even more expensive, you also have the option to give away a slice of ownership of your company in exchange for cash to drive through your start-up costs. And it's all at the risk of being successful so you can pay back your loans and interest, pay a return or possibly buy out your new partners, and finally make a return on your investment to start-up a business.

Best advice is plan, plan and plan some more. Keep planning as you move forward. Starting a new business is not rocket science but it's not something to jump into blind or uninformed. Small things can become big things.. However, most times you can plan a way around them. Good luck!

Answer 4

What I learned from my past ventures and so I recommend to those who have the entrepreneurial spirit:

1. Have the desire to mutually uplift the financial status of others by way of offering your products.

2. Offer products that you san support after-sales, besides having a high demand ratings.

3. Start the business with the lowest capital as possible but projecting high growth in the future.

4. Surround yourself with people who can help your business intellectually and morally (no, not necessarily financially).

5. If possible affiliate yourself with others who are already successful in your line of business (what I call a "cooperative competition").

I tell you, I found all of the above (and much more) after some years of trial-and-error in the business world simply by joining a Inc.500 recommended company, the GlobalDomains International.

If you have at least 7-minute free time, visit my link:
http://www.cybalgua.ws
View the video, read the testimonials, and then browse the company info at:
http://www.freedom.ws
Your AccessCode is: CYBALGUA

I hope you are indeed decided in having an online business you can cherish... for LIFE!

Answer 5

Having enough money to survive on while you're trying to get your business off the ground. Many new businesses require big investments of $$.

Answer 6

Having a business plan.

Answer 7

Getting the business license.

Answer 8

Well having a practicle business idea is the very first thing thta is hard for most people

Answer 9

The first 6 months, and getting people into the door (advertisement).

Answer 10

Getting a catchy slogan like "Buy our Cell Phones and You Won't Get VD."